The agreement effective from October 1 includes the purchase of certain Argosy assets that will be used to service the region. Solvay is an advanced materials and chemical company, committed to developing chemistry that addresses key societal challenges. Solvay innovates and partners with customers in diverse global end markets. Its products are used in planes, cars, batteries, smart and medical devices, as well as in mineral and oil and gas extraction, enhancing efficiency and sustainability.
"Solvay and Argosy have worked together for many years to serve the Asia Pacific region. With Solvay’s acquisition of Cytec, and its legacy of strong presence in Asia Pacific, the opportunity to further improve our service to the region and its customer base was clear to both parties. I am confident that our technology and operational leadership coupled with material qualifications on multiple platforms across the region will position our customers for continued growth. We look forward to rapidly implementing our direct business and serve our customers," Carmelo Lo Faro, president of Solvay Composite Materials business, said.
"After more than 26 years, we have helped grow Solvay's presence from a few customers to a major supplier in the Asia Pacific region – the world's fastest growing aerospace market," said Paul Marks, CEO/chairman of Argosy International. With Solvay's support, Argosy has helped win business on multiple Asian aerospace platforms.
"Specialty material distributors like Argosy work to get to an inflection point, where direct access to customers is both in the suppliers and customer's best interest. By moving customers back to Solvay, the customers will have access to direct service and innovation. We understand the time has come for Solvay to handle their business directly in the vibrant and expanding markets of Asia. Argosy will work closely with Solvay to effect a seamless transition for the customers. Going forward, Argosy will focus its efforts on growing its honeycomb and coatings businesses. In addition, Argosy will be expanding through several new businesses which leverage Argosy’s competencies," Marks explained. (RR)
Fibre2Fashion News Desk – India